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"Accounting, what kind of study is it? "

Accounting is a field of study that learns the method of analyzing flow and balance of money, capability of delivering the information to counterparty accurately and method of funding the finance. Accounting is categorized into various fields including finance accounting, management accounting and tax accounting. Finance accounting focuses on reporting financial information of an organization including finance statement to external users such as investors, regulating bodies and supplying companies. Management accounting focuses on measurement, analysis and reporting of information for internal use.

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"Accounting, why is it necessary?"

Accounting field is a requirement for everyone. As long as fund is financed in the marketing and people have money to engage in transaction, demand for accounting will continue. Accounting analyzes and evaluates economic activity or information of an organization for many other interested parties such as creditors, regulating bodies and investors. Accounting has wider range of selection for various detailed areas, and cultivates talents who can provide expertise for adequate management of financial resources and assets by an individual and company.

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"What would I mainly learn in school of accounting?"

In accounting, students basically learn the capability to interpret financial information and transfer the information to a 3^rd party. Students also learn the method of collecting financial information, calculating desired price and forecasting the effect of financial data on the organization’s profit. School of accounting is composed of curriculum that can cultivate various skills including finance, economics, communication and critical thinking.

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"Accounting, why is it promising?"

Accounting is the oldest field of study in business. Just as economics and finance, accounting is the core of commercial transaction, and accountant is a required staff in most organization. Therefore, it is a good choice for students valuing job stability. One of the reasons for growth and constant preference of accounting is that accounting allows people to penetrate into various business fields. According to US Bureau of Labor Statistics, hiring of accountant and auditor will increase by 10% by 2026, and it is expected to show faster rate of increase compared to other jobs. Experts say that increase in economic scale and increase in complexity of tax and regulation are one of the factors. With a rise in AI, there are worries that accountants will be replaced with it. However, talents who can contribute to technological development incorporating accounting knowledge with AI are still needed. In other words, even though some of accounting graduates will be replaced with AI, specialized accounting talents to create and use algorithm for robots are still required. Information in accounting field includes management, economics, tax laws, and core talents who will play pivotal roles in management of the nation will still be needed in the future.

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「 Jobs for accounting majors 」

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Accounting graduates usually work in following job groups.

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▪︎ Accountant

Manages financial records of corporate, NGOs and government bodies. Guarantees to meet the financial demand of the organization.

▪︎ Financial Manager

Establishes budget, analyzes cost, plans investment, manages financial strategy

▪︎ Cost Estimator

Researches required asset for production of goods and services including financial payment, labor and material

▪︎ Budget Analyst

Oversees spending habits and bonds of public and private corporate, government bodies and NGOs. Delivers its meaning to the management team of the company

▪︎ Tax Examiners and Collectors

Mainly hired by city, state or federal government. Researches tax refund, conducts audit and determines the amount to be collected through data analysis

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「Average salary of accounting majors」

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US Bureau of Labor Statistics revealed that average salary of accountant and auditor is $67,000, and it is about $30,000 higher than other jobs. 10% of Graduates with higher learning degree or experience in accounting for several years would earn slightly more than $122,000 annually. Demand for accounting service is universal and accounting experts can earn advantageous experience in almost all countries.

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TOP 3 schools of accounting

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MASSACHUSETTS INSTITUTE OF TECHNOLOGY

ㆍExpected tuition : $51,830

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ㆍMassachusetts Institute of Technology (MIT) is located in Cambridge. MIT was founded as a polytechnic school and it has excellent recognition in technology and science programs. However, it does not stop at a certain field, rather, it continuously changes and develops itself, and now offers hundreds of programs in various fields of study to its graduate and undergraduate students.

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ㆍSchool feature : To major in accounting, students must complete various fields of MIT program. Accounting major students of MIT would receive degree in finance and they are taking classes of economics, accounting and business strategy programs.

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ㆍClass courses are as follows.

Fixed income securities and derivatives

Financial analysis

Options and futures market

Corporate financial accounting

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UNIVERSITY OF CALIFORNIA - BERKELEY

ㆍExpected tuition : $43,180

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ㆍLocated in Berkeley, California, University of California is one of the oldest and respected colleges in west coast of US. UC Berkeley, including Haas School of Business, provides more than 130 programs in 14 colleges.

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ㆍSchool feature : Haas School of Business of UC Berkeley offers bachelor degree in accounting. Students may enroll in Berkeley CPA summer program while they enroll in accounting and business classes. To strengthen expertise, students may double-major in other studies such as economics or English.

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ㆍClasses of UC Berkeley are as follows.

Financial information analysis

Management accounting

Strategic cost management

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LONDON SCHOOL OF ECONOMICS AND POLITICAL SCIENCE (LSE)

ㆍExpected tuition : £18,410

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ㆍIn the most recent REF (Research Excellence Framework), London School of Economics and Political Science (LSE) sets the global record of research ratio among all colleges in UK. Faculty of LSE is at the frontline of development in social science. And government, corporate and media require their expertise. The school offers more than 40 undergraduate programs and more than 140 programs for faculty and graduate school. Curriculums of LSE are widespread in social science area from accounting to law, management and social policy.

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ㆍSchool feature : In LSE accounting and finance undergraduate program, students study the analytical method of how calculation, report and evaluation methods are interconnected with various regulations and organizational process. In addition, students learn to understand interdependency between major basic ideas related to financial management, performance management, sustainability, governance, regulation, legislation, changes in legislation, accounting and finance. Students can deeply understand important role accounting and finance play in element of socio-economic organization and activities of society, economics, organization, market, institution and individual.

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List of colleges with accounting majors

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